NEW DELHI: New entrant in the Indian banking domain- Bandhan Bank, announced its net profit for the financial year ended March 31, 2017 at Rs 1,111.95 crore. On the back of robust Current and Savings Account (CASA) growth, this Kolkata hardhearted bank had posted a net profit of Rs 500 crore in last fiscal year.
Since its inception on August 23, 2015, the bank has recorded a healthy deposit portfolio of Rs 23,228 crore, of which, the proportion of CASA was Rs 6,837.34 crore, posting a growth of 29.43 per cent of total deposits as on March 31, 2017.
Commenting on the financial performance, Chandra Shekhar Ghosh, founder, managing director & chief executive of Bandhan Bank, said, “I am happy to announce that our journey as a universal bank has been smooth. Despite spending on technology, infrastructure and new employees, the bank has posted a decent profit. A very high capital adequacy ratio shows our robustness. The growth in deposits, including current and savings accounts, is also very encouraging. During 2017, we introduced a string of products in the MSME loan segment and we will continue to offer new products and personalised services to all our customers.”